Categories: Better Business| Pensions| Global Funds| Europe
Topics: fund managers| Junior ISA| Child Trust Funds| Europe| greece| NEST| auto-enrolment| financial planning
More warnings about fund fees, a growing controversy around JISAs and an explanation of financial planning - five things the nationals have thrown up that your clients will call you about this week.
Another week and another warning to investors that fund managers, stockbrockers and financial advisers are depriving them of up to a third of their returns. The Guardian reported on a exposé by David Norman, formerly chief executive of Credit Suisse Asset Management, who said the costs borne by British investors are higher than in the United States, Germany or France. He also suggested soft commission is still rife in the industry.
While the launch of Junior ISAs may have heralded a new era in saving for children, a row is now brewing about those who can't access them. Specifically, as the Telegraph reported, parents of the five million with Child Trust Funds (CTFs), who cannot transfer their money into a JISA, have launched an e-petition, calling on the government to stop this exclusion on the grounds of human rights.
The "new industry" of financial planning is is growing to meet the needs of baby-boomers, many of whom may live to the age of 100. So said the Mail on Sunday, in an extensive piece explaining the role of financial planners, what they do and the tools they use to facilitate it. In particular, there was a lot of focus on the software available to planners, including Voyant and Prestwood Truth.
With doomsday scenarios still circling around Greece and uncertainty facing just about every market, investors are understandably looking for guidance. The Independent on Sunday tried to find out where the port is in the euro storm. Among the possible options, suggested by experts, were the Ignis Argonaut European income fund, the Blackrock Continental Europe fund and Neptune's European opportunities.
Think of auto-enrolment and the first scheme that comes to mind is NEST, the heavily-prompted government option to launch next October. However, as the Independnet on Sunday reported, an alternative from Danish firm ATP, Now:Pensions, could prove to be a strong competitor, building on its experience of managing 4.6 million workplace pensions in its home country. ATP is promising it will have a monthly administration fee of £1.50 and an annual charge of 0.3%
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